All Things Investigations: Terrorism Designations of Mexican Cartels Fundamentally Enhances Risk for All Companies
In this episode, host Lauren Pryor and her colleagues discuss the recent actions by FinCEN, which designated three Mexican financial institutions as primary money laundering concerns under the expanded Section 311 authority,...more
Last Friday, the U.S. Department of Justice (DOJ) unsealed its first indictment against a foreign national for providing material support to a Mexican drug cartel that the current administration recently designated a foreign...more
Since the mid-1990s, the Executive Branch has sought to target foreign terrorist organizations, and those individuals and organizations supporting them, in order to degrade their funding and support. Organizations and...more
Las Comisiones Unidas de Justicia y de Estudios Legislativos presentaron el 1 de abril de 2025, un dictamen en sentido positivo, de la iniciativa con proyecto de decreto por el que se reforman y adicionan diversas...more
In early January 2025, Interpol published its first Silver Notice seeking information about assets held worldwide by a senior member of the Italian mafia. The Silver Notice is the latest addition to Interpol’s suite of...more
On January 27, DOJ announced a cryptocurrency exchange platform (the platform) pled guilty to operating as an unlicensed money transmitting business and failing to implement adequate AML and know-your-customer (KYC) programs....more
The European Union this year finalized significant revisions to its rules countering money laundering and terrorist financing (the AML Package). In addition to strengthening the existing regulatory framework, the AML Package...more
Le 30 novembre 2024, des modifications proposées à des règlements pris en vertu de la Loi sur le recyclage des produits de la criminalité et le financement des activités terroristes (la « LRPCFAT ») ont été publiées. Les...more
On November 30, 2024, draft amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the PCMLTFA) were released. These proposed amendments to the regulations would be...more
On January 1, 2025, two important laws will become effective, and co-op and condo boards must be aware of what is required. A New York City law, the Fair Chance for Housing Act, impacts the use of criminal background checks...more
Travelling to the UAE requires awareness of specific customs rules and regulations regarding cash, jewellery, and alcohol to ensure a smooth travel experience. These regulations are designed to ensure compliance with local...more
FinCEN seeks to safeguard the investment adviser sector from illicit finance as evidenced by the issuance of the Final Investment Adviser Rule on 8/28/24 with a compliance date of 1/1/26. The investment adviser sector final...more
One of the hottest topics in the HOA-world over the past year has been the implementation of the Corporate Transparency Act (CTA). Although enacted by Congress in 2021, registrations under the CTA became mandatory for newly...more
On May 30, 2024, following passage by the European Parliament in late April, the European Council officially adopted a set of rules that modernizes and harmonizes money laundering and terrorist financing (“AML/CFT”)...more
There is a growing acknowledgement that money laundering and terrorist financing is borderless and legal entity-agnostic, just as it is already known that cybercriminals and the means to commit cybercrimes continuously attack...more
In recent years, the UAE has taken significant steps to enhance transparency and combat financial crimes within its business landscape. Central to these efforts is the identification and regulation of Ultimate Beneficial...more
When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number...more
On February 22, 2024, Frankfurt won the joint vote to host EU’s central enforcer in the fight against financial crime. The new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) will...more
In March 2024, the Northern District of Alabama held that Congress exceeded its Constitutional authority by enacting the Corporate Transparency Act (“CTA”). The CTA requires variety corporate entities—everything from LLCs to...more
On January 17, 2024, the Council of the European Union (Council) and the European Parliament (Parliament) announced that a political agreement had been reached on (i) a new Regulation setting forth a single anti-money...more
The Corporate Transparency Act (the “CTA”) is a new federal law enacted in 2021 to combat money laundering, terrorism, tax fraud and other illegal activities. Starting January 1, 2024, the CTA will require a substantial...more
The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more
Beginning January 1, 2024, most small businesses in the United States will have to report information about the people who own and control the business to the federal government. This new reporting rule was established by...more
A new regulation under the federal Corporate Transparency Act (CTA) that, for the first time, will require disclosure of information about all U.S. formed corporations, limited liability companies, and limited partnerships...more
The October 7, 2023 attacks on Israel by Hamas have re-focused U.S. government efforts to identify and counter funding streams for Hamas and terrorist activity in general – including, in particular, through the use of...more